Precious metals slumped along with disappointing PMI data from the EU and China. From the other side of the Atlantics, the commodity group also did not find any support as signs of US economic recovery vanished hopes on further monetary easing in the country. Gold was the driver for the commodity pack, pulling other precious metals down. The yellow metal
Asian stock markets declined on Friday on renewed worries about economic development. Property and financial companies pushed most of indices in red. Japan's Nikkei Stock Average and Hong Kong's Hang Seng index fell 1.1% while Australian S&P/ASX 200 slipped 0.1%. Shanghai Composite index declined 1.1% but South Korea's Kospi was the only major index that managed to climb 0.04%.
Japan's Nikkei Stock Average retreated from yesterday's gains and tumbled on Friday as Yen appreciated versus US Dollar after data showed unemployment claims in US declined to a four-year record low. Nikkei 225 index lost 1.14% or 115.61 points and closed at 10,011.47. Export shares were most harmed by the strengthening Yen. Honda lost 2.9%, Sony lost 3.1% while Toshiba
Energy commodities fell on Thursday on the global demand concerns after China and the Euro Zone's countries reported lower than expected PMI data. Moreover, talks that large manufacturing countries are planning to release the strategic oil resources to curb inflation pulled the oil price down. At the same time, easing tensions between Iran and the West as Saudi Arabia is
British FTSE 100 extended drop on Friday as miners and banks kept pushing index lower. Additionally data showed UK mortgage approvals declined more than expected in February. Randgold Resources fell 5% and Rio Tinto shed 1.4%. Royal Bank of Scotland Group lost 1% and HSBC Holdings slipped 1.2%. On the upside BT group rallied 6% on news telecom company finally
Hong Kong's Hang Seng index fell sharply on Friday as concerns about global recession returned after investors gathered European and Chinese PMI reports. Hang Seng index dropped 1.11% or 232.76 points and closed at 20,668.80. Shares of heavyweight Agricultural Bank of China negatively affected the overall performance of the index. The lender tumbled 3% after reporting a 14% decline in
Dow Jones Industrial Average index closed lower on Thursday led by energy and industrial shares as weaker than expected PMI data from China and Europe weighed on investor sentiment. Blue chip index lost 0.6% or 78.48 points and settled at 13,046.14 with growth dependent stocks contributing most to the downside. Caterpillar and Chevron dropped 2.4%, while Alcoa Inc fell 2.5%.
Despite positive US jobs data, S&P 500 index extended losses on Thursday in line with analyst expectations as investors kept holding a pause after sharp rally in first three months. US benchmark fell 0.72% or 10.11 points and closed at 1,392.78 with nine of ten sectors posting substantial losses. Watson Pharmaceuticals rallied 3.8% on reports it is in talks to
US stocks prolonged losses on Thursday in line with analyst expectations as investors kept holding a pause after sharp rally in first three months. S&P 500 index dropped 0.72% or 10.11 points and closed at 1,392.78, Dow Jones Industrial Average slipped 0.6% or 78.48 points to 13,046.14 and Nasdaq Composite fell 0.39% or 12 points and settled at 3,063.32.
Japanese Yen declined against most of its counterparts ahead of US report which is expected to show the new house sales advanced in February. Japanese currency lost 0.3% versus US Dollar to JPY 82.76 and also gave up 0.3% against Euro to JPY 109.26. Currently USD/JPY is trading at JPY 82.72.
Agricultural Bank of China reported its first decline in quarterly net profit since going public two years ago as bad loans increased and credit growth fell. The net profit lost 14% to CHY 21.2 billion (USD 3.4 billion) in the fourth quarter. Lender's shares tumbled to two-month record low on the announcement.
China's foreign debt last year reached the 26-year high of 695 billion US Dollars, reported the State Administration of Foreign Exchange. The outstanding debt rocketed by 27% last year as compared to 2010. The part of short-term loan to total soared to 72% from 68% in 2010, signaling on fast increase in China's foreign trade.
Crude oil futures appreciated during Asian session on Friday despite broadly stronger US Dollar. Light, sweet crude oil futures for delivery in May traded at 105.65 US Dollar per barrel on the New York Mercantile Exchange, adding 0.28%. Meanwhile, Brent oil May contract traded at 123.32 US Dollars per barrel, gaining 0.19%.
Nike has announced higher profits in the last quarter due to strong demand that offset increasing production costs. Profit of the sportswear producer in the last quarter that ended in February soared by 7% year-to-year, attaining 560 million US Dollars on the 15% increase in total revenues. The economic climate stays highly uncertain but we are optimistic about the company
The nationwide consumer sentiment index declined unexpectedly in February, reported Nationwide. The index tumbled to 44 on a seasonally adjusted basis last month from 47 in January. Experts projected the figure to approach 49 in February. Currently, GBP/USD is traded at 1.5817, falling by 0.03%.
China's GDP expansion may slow further in Q1 of 2012, approaching 8.5% as compared to 8.9% in the last quarter of 2011. The global economic uncertainty and sharp slump of the domestic real estate market are pushing the government to consider more policy shifts, said an economist from State Council. However, the total GDP for 2012 is expected to hit
European equities fell on Thursday, pressed by weaker PMI readings both from China and Euro Area, boosting concerns about further recovery of region. Stoxx Europe 600 gave up 1.2%, FTSE 100 index slipped 0.8% and German DAX lost 1.3%. French CAC 40 index tumbled 1.6% and Italian FTSE MIB index shed 1.7%.
The India's central bank is moving closer to easing its prudent monetary policy; however, the time for loosing is dependent on the economic situation in the country, said the deputy governor of India's central bank. At the same time, soaring energy prices, weak rupee and fiscal deficit continued to create inflationary pressure on the country thus putting the government off
The number of manufacturing orders in Euro Area dropped more than expected in January as companies struggled to overcome region's crisis amid cooling Chinese economy. Production orders in Euro countries shed 2.3% in the first month of 2012. Analysts questioned by Reuters predicted a 2.1% decline.
Canada's retail sales climbed at slower pace than analysts expected in January as a surge in new vehicle sales was offset by a drop in electronic and home-improvement goods' sales. Retail sales added 0.5% compared to forecast advance of 1.8%, Statistic Canada reported on Thursday. Loonie weakened 0.7% against greenback on the news.
Gold prices decreased during the Asian session on Friday amid stronger US Dollar. The US Dollar index, which measures its performance against set of six main currencies, added 0.02% to USD79.97. COMEX gold April contract traded at 1643.25 US Dollars per troy ounce on the New York Mercantile Exchange, easing down by 0.05%.
The number of applications for jobless benefits reached the lowest reading since 2006, Labor Department said on Thursday. The unemployment claims fell by 5000 to 348 000 last week. Economists earlier predicted jobless claims to stay at previous level at 353 000. Another report said the measure of leading indicators climbed in February, attaining 11 month record high.
Canadian core retail sales that excludes automobile sales tumbled in January after gaining for seven consecutive months, reported Statistics Canada. The core retail sales decreased by 0.5% in January on a seasonally adjusted basis while experts predicted the sales to climb by 0.5%. The major contributors to the decline were garden equipment and building materials.
The GDP of the Republic of Ireland slumped by 0.2% in the last quarter of 2011, after declining by 1.1% in the preceding quarter, according to Central Statistics Office. The economic contraction indicates that the country is falling back into crisis. Global financial uncertainty continued to weight down on the Ireland's exports that declined by 1.1% whereas domestic spending continued